Editor: Jack McGann’s letter, “Break up big banks into small ones and end taxpayer bailouts” (St. Augustine Record, May 17, 2012) says, “Republicans and big business are in the driver’s seat and do not want to see any regulations that will curtail the profit potential of big banks.”

McGann doesn’t share the source supporting his opinion. I’ve never heard a business-savvy conservative express anything close to that opinion. To the contrary, conservatives decry that big banks contributed so heavily to the Democratic Party that the new rules that are supposed to protect us from “too big to fail” banks have as many special interest carve outs as Swiss cheese has holes.

Barack Obama’s 2008 campaign got more money from the financial sector than any candidate in history. He raised almost $16 million just from securities and investment firms, bettering Republican John McCain’s $9.2 million.

JPMorgan (the bank that just lost $2.2 billion) contributed $20 million to political campaigns since 1989. JPMorgan also spends heavily lobbying. In the 2000s their yearly contribution to K Street lobbyists fluctuated between $4 million and $6 million. I’m sure McGann agrees JPMorgan did not donate from patriotic zeal, instead to influence banking rules. And JPMorgan also was major recipient of Obama administration bailout money.

A May 14, Rasmussen Reports survey found 71 percent of U.S. adults want our government to let troubled banks, even big ones, fail. I estimate that a similar poll of only conservative business people would show 90 percent favor allowing banks to fail no matter the consequence.

All Americans will be better off if politicians place welfare of our country ahead of pay backs for their big campaign contributors.